A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

October 26, 2008

I truly believe that the NAR should be shut down by an act of Congress for racketeering, restraint of trade, collusion, corrupting of public officials, and fraud.I'm dead serious about this.The National Association of realtors on Commission is perhaps the most destructive and evil group operating today in America. They must be targeted, they must be investigated, and they must be stopped.

It's time to stop these evil-doers and their members, before they do even more damage to America and the free world.

Nonetheless, homeownership has become a critical factor in moving up the economic ladder. Home equity is the largest single source of household wealth for most Americans. Median net wealth for homeowners exceeds $78,400, while renters accumulate less than $2,300, or 3 percent of this amount. For homeowners, almost 60 percent of their wealth is in the form of home equity. For minority homeowners, home equity is an even more important component of wealth, representing more than three-fourths of their median net wealth of approximately $48,300, almost 100 times the median wealth of the average black renter (barely $500). For owners in the lowest income brackets as well, equity in single-family homes constitutes more than half their wealth.

Guess what? That sweet sweet equity is GONE, it's been spent. Now all we have to show for it is debt.

I agree. And my grandmother was the first female realtor in western canada.

There were no computers back then, no zillow, no trulia, no redfin. Nana could tell you the square footage of a house by looking at a picture of it. She helped people find good places to live, she had a positive impact on people's quality of life. She didn't help people find investments.

Nana wasn't rich; she just supplemented grampa's salary at imperial oil. She never expected to get rich. I doubt she ever worked with anyone who was rich. Nana never did lines off a granite countertop.

Nana passed away years ago but I would like to think that she would be puking in her grave if she saw what her 'profession' has become. I'm pretty sure Nana never thought of what she did as a 'profession'.

Realtors once served a purpose and earned the money we paid them. But not anymore.

You are right, Keith. We need to break their collusive behaviour and bend them to our will. Where is our Elliot Ness?

Every market is different I will give them that. Our market in Colorado Springs is only down 20-30%. While Lost Wages and Scottsdale are down closer to 50%, and Klowifornia is down 40-60% and falling fast. Yep they are all different.

I went to their website and just had to laugh. I used to live in this area and know many, many folks who lived in these over bloated McMansions. You know granite countertops, stainless steel appliances, etc. Even funnier that they post the wage requiremnts to buy one of these overpriced things. And then they assume that you have no debt! hahahahahahahah Guess who werre the only people who bought these things? You guessed it, people in the real estate business. These houses will contine to drop in value until prices get closer to real wages.

Oh, I dunno, it IS possible to build wealth thru real estate. Not as a buyer, mind you, but as a REALTOR, LOL! The latest numbers I saw from one of the big banks assumes prices will fall another 10% from here by next Summer. And you know the banks: they tend to be too optimistic!

Reminds me of an infomercial running right now, from Dean Graziosi: "Building Wealth Thru Foreclosures" or some such happy crap. The ONE example they presented of the kind of wealth you could build showed a check some lady got from her first deal. But look closely at the date on the check: it was dated like from 2004, BEFORE the bubble popped!

As more homeowners default on their mortgages and are forced to give up their homes, a new brand of real estate brokerage has emerged: foreclosure tours. Web sites advertise such tours all over the country, inviting people to hop on a bus and browse those vacant homes, many of them priced considerably cheaper as banks try to dispose of them quickly.http://www.starnewsonline.com/article/20081025/ARTICLES/810252933/1004?Title=Potential_buyers_take_foreclosure_tour_in_Carolina_Beach

FSBO! Drop the Broker and their money hungry (now starving) minions. People should know how to do all the same stuff for free, using the resources available, that Realtwhores charge you big time for. GO FSBO!!

that statement whether acurate or not, doesn't in itself mean home owners are likely to have greater wealth then renters. it just means that homeowners have a huge amount of assets tied up in their home. if some suckers believe they will build wealth based on what they (incorrectly) interpet some lady on tv says, i say let them go for it. social darwinism in action.

I truly believe that the NAR should be shut down by an act of Congress for racketeering, restraint of trade, collusion, corrupting of public officials, and fraud.-----------------------------------It doesn't matter how evil they are. They have money. Money talks, BS walks.

Hmmm, let's see, Michelle Obama promised to give citizenship to 20 million illiterate illegals, during her convention speech, to buy the Hispanic vote. Then Obama promised to put all those 20 million into Universal Healthcare, while the country is bankrupt. He also promised to increase taxes on high achievers who work their butts off to earn $250k. Since 40% of the high cost of healthcare derives from fraud, and those wealthy enough to earn $250k can invest $50k or more of their earnings into tax free Munis to lower their AGI lower than the $250k benchmark, that means that some other group will have to pay for all Obama's welfare. Yep, you got it, the middle class will get hit. And here's what you'll be paying for and what those 20 million citizenships will be used for:

SFBJ -- A Wachovia Bank assistant vice president has pleaded guilty to conspiracy to commit money laundering in connection with a 2006 Medicare fraud scheme.

The plea, announced Friday by federal agents, resulted from an investigation into activities by Javier J. Ortiz, 36, who worked at Wachovia’s West Gables Financial Center on Bird Road between 2002 and September of this year.

Around 2005, Ortiz was introduced to Angel Castillo Jr., who has already been sentenced to 19 years in prison for his role in orchestrating a $48 million Medicare and money-laundering scheme.

Ortiz allegedly used his position at Wachovia to open new business checking accounts for Castillo’s medical companies.

Once the accounts were opened, Castillo and his accomplices would submit fraudulent claims to the Medicare program for reimbursement. Medicare would then issue payment checks, which Castillo’s accomplices would deposit into various medical companies’ accounts.

Enjoy your retirement in poverty by paying welfare taxes up the wazoo.

"Maria Martinez, 57, an administrative worker at the county jail in Stockton, Calif., is typical of homeowners who have gotten help, but not enough. She is three months behind on her mortgage, even after receiving a loan modification earlier this year.

Though Martinez bought the house more than a decade ago for only $76,000, she now owes about $230,000 because she refinanced her home loan several times.

"I was trying to borrow some money to pay some bills," said Martinez, who is on leave from her job this month after being diagnosed with cancer. "I didn't really think...that I would get into a bind like this."

And: "Falen and his wife, now delinquent on their two home loans, are finally scheduled to sell their house next month.

But there's a big catch: The buyer has agreed to pay only $490,000, which is $70,000 less than what the couple paid for it in 2002.

Making matters worse, Falen and his wife owe $675,000 to two lenders because they used their home equity — which soared during the housing boom — to pay off student loans and remodeling expenses."

Every time I see this it think that's what you spend my dues on. You do**h bags.How about cutting my dues and drop the ads. No one believes it.May be family conditions out weigh market conditions but financial conditions trump them all.

Two years ago, after being dismissed from one job after another, an acquaintance of mine became a realtor.

She bragged and bragged about “The sky is the limit for making money! Flexible hours! Only a fool would want to be stuck in an 8 - 5 job versus becoming a realtor!”

She claimed ALL her expenses (home-office, computer, license, health insurance, vehicle, phone, etc.) didn’t cost her a dime because EVERYTHING was a “write off” which included her vacations, clothing, dining out, spa days, etc.

She gloated over her picture published in local real estate advertisements and the accolades of becoming a “million dollar producer.” She proclaimed a real estate license with a GRI designation was equivalent to an associate degree in business.

After lining herself up with a local mortgage broker and appraiser; she steered every client through this mill of corruption. Her motto was ALWAYS use leverage -- because that’s what the wealthy do! Her arrogance (and ignorance) was astounding.

Her home equity loans paid for lavish vacations and an ostentatious lifestyle. Her snobbery never ceased to amaze me. She even once pronounced my modest house (no mortgage) was a dump and she could get me into a “nice home.”

I never drank her kool aid. I never leveraged myself to the hilt like she did.

I still live in my modest, mortgage-free, home. I love my home. That is what it is – a home. Not an investment. Never was.

According to the local NAR, year to date sales are down a staggering 82.3% in this area.

As for my acquaintance - she can’t afford to cross the street and I have not heard a peep out of her.

"Maria Martinez, 57, an administrative worker at the county jail in Stockton, Calif., is typical of homeowners who have gotten help, but not enough. She is three months behind on her mortgage, even after receiving a loan modification earlier this year."

Well. There's about 15% less Realtors now and Sales have dropped 22%. 10% of Realtors make 90% of the income. The 90% making up the majority of Realtors do barely 2-3 homes per year. So the 10% is doing just fine as usual. Sorry to bring the bad news for you.

Listen to that ad ... She says that every market is different.OK so she sayd housing is the best way to build wealth, and that every market is different from that ... could not be more obvious ... just like all the people they "helped" "buy" houses in the last few years ... they are all doing different from building wealth ... so what is your question ...BTW listen and she also clearly says "Realt hore" ... come on dude, you're just clutching at straws.Cool.Cow_tipping.

Looks like YOU'RE the one giving the spin. Either that, or you didn't actually read the words that surrounded those numbers you gave.

Existing homes up 5.5% on a SEASONALLY ADJUSTED BASIS.

New home sales up 2.7% on a SEASONALLY ADJUSTED BASIS.

Which simply means that the numbers are 5.5% and 2.7% less of a drop than they usually are from August to September. But they still dropped.

Look at the actual numbers, instead of the statistical fabrications that the NAR is so fond of. No spin necessary. Actual sales results, based on numbers of homes sold (not manipulated in any way): Existing home sales DOWN 9.6% from August to September. New home sales DOWN 5% from August to September.

And, prices still falling.

But I suppose you're going to tell me that falling sales numbers, falling prices, increasing inventory, a record number of foreclosures in the pipeline and a steadily worsening economy are sure signs that prices have hit bottom.

More evidence of criminality: The banks are allowing the short-selling RealtHos to market their own properties, and…get half the commish!

More evidence of audacity: The same RealtHos are handling the short sales for the same people they put in these homes 2 years ago, that are now worth 50% less! These ones wear yellow jackets.

A statistic we will never see from the NAR: The number of RealtHos that are going belly-up in both their investments and homesteads.

But they know - they are the professionals! Personal foreclosures should be indicated on their prof. license. Buyer beware.

On their stats: They control the MLS (a Marketing tool). Last year they started erasing listings and entering the prop as a new listing to bury the list history. This year, they are both recycling older sales from early 2008 and/or recording properties as “sold”, and the same day coding them as “back on the market”.

Crooks and Criminals without a Conscious is what they are.

Best sight seen last week. A once “prominent” RealtHo clearing out his office!

"Maria Martinez, 57, an administrative worker at the county jail in Stockton, Calif., is typical of homeowners who have gotten help, but not enough. She is three months behind on her mortgage, even after receiving a loan modification earlier this year."

Ladies and gentlemen I present to you the typical Obama voter.------------------------

Ladies and gentlemen I present to you the typical McCain voter!!!Based on absolutely NOTHING except his/her prejudice, he/she magically know who a person he/she never met is going to vote for!

When sale stats show the slightest bit of upward movement, or mortgage rates bump down, they shout it from the rooftops and proclaim the great recovery is upon us.

When stats are bad it is because Pick one or more):

It rained a lot.It was very cold out.There was a lot of snow.It was a sweltering month.It is typically slow this time of year.The media is scaring the buyers away.People are waiting until after the election.

Reminds me of an infomercial running right now, from Dean Graziosi: "Building Wealth Thru Foreclosures" or some such happy crap. The ONE example they presented of the kind of wealth you could build showed a check some lady got from her first deal. But look closely at the date on the check: it was dated like from 2004, BEFORE the bubble popped!

Called a perky realwhore yesterday about a weedy, abandoned house with junk in the yard and broken windows. She said, oh yes, we just had that appraised at $155. Was in a so-so neighborhood. I said, are you fucking kidding me? She said, well yes it needs a little cleaing up. I said why don't you just go work for the mafia. At least that way you would be admitting you are working for organized crime, and hung up.Was so freaking mad, GOD forgive me, I HATE those people.